Vietnam-based software and telecommunications firm CMC Corporation has launched a ₫50bn ($2.2m) innovation fund called CMC Innovation Fund, DealStreetAsia has reported.
CMC Innovation Fund will focus on early-stage projects in the cybersecurity, cloud software, internet-of-things, robotics, big data and artificial intelligence sectors.
Publicly-listed CMC will earmark 10% of its annual group profits for the fund, which will support both internal projects and external startups.
The firm launched a $20m fund in 2009 for venture capital and M&A opportunities, according to DealStreetAsia, and also runs an innovation centre at its Hanoi headquarters, providing an incubator and co-working space for sponsored startups.